210N demand sees short-term recovery; price uptrend yet to take shape

Polysilicon

Polysilicon quotes have remained largely stable this week, with n-type recycled mono-grade polysilicon at approximately RMB 40–43/kg and granular polysilicon at RMB 40–41/kg. Actual transactions remain dominated by small orders and essential restocking by some manufacturers. Downstream buyers show limited acceptance of higher-priced materials, with mainstream downstream companies remaining cautious overall in their procurement.

The overall extent of polysilicon production cuts and specific implementation plans remain subject to change. However, October cuts appear smaller than expected, largely reflecting previously confirmed plans, consistent with last week’s assessment. Additional production cuts have fallen short of expectations.

Discussions on subsequent implementation plans are still ongoing, and the market will continue to watch the actual extent of production cuts by leading manufacturers and whether other producers follow suit. The current strategy largely centers on selling at or above full cost, keeping overall polysilicon quotes relatively stable. However, actual transaction volumes remain constrained by downstream demand, with limited acceptance among manufacturers. Inventory accumulated from August to October remains a key uncertainty in the near term, and price stability remains to be seen. Meanwhile, downstream acceptance of current prices and the pace of restocking will also be key factors determining whether transaction volumes can pick up going forward.
 

Wafer

Wafer prices have largely stabilized this week, with transaction prices largely unchanged from last week. However, price trends have begun to diverge across wafer formats. Some 183N transactions fell below RMB 1.00/piece, but volumes remained limited, leaving the mainstream average transaction price largely unchanged WoW.

For other wafer formats, 210RN prices remain largely unchanged this week, with the mainstream average holding at RMB 1.05/piece and some lower-priced transactions reaching RMB 1.03/piece. Meanwhile, 210N quotes have begun to adjust as project demand gradually materializes, downstream procurement recovers, and some manufacturers maintain relatively low inventory levels. Some leading manufacturers have raised quotes to RMB 1.20/piece in an effort to drive prices higher, but buyers remain reluctant to accept higher prices. Most downstream buyers are seeking to lower effective purchase prices to RMB 1.10–1.13/piece through special terms and rebates. However, amid strengthening market sentiment toward price increases, the average price currently remains at RMB 1.15/piece.

Looking ahead, continued project development is expected to strengthen 210N procurement and support current prices. However, downstream buyers remain cautious about price increases. If actual procurement falls short of expectations, the gap between higher quotes and transaction prices may persist, potentially limiting further price increases and leaving some higher quotes without actual transactions in the near term.
 

Cell price in China

Prices for n-type cells this week:

• 183N

Average price: RMB 0.3/W (flat)

Price range: RMB 0.29–0.30/W

• 210RN

Average price: RMB 0.31/W (flat)

Price range: RMB 0.305–0.32/W

• 210N

Average price: RMB 0.29/W (flat)

Price range: RMB 0.29-0.30/W (up)

Restocking ahead of China's National Day holiday has kept supply and demand relatively stable across cell formats. For 183N, price negotiations continue, with lower prices testing RMB 0.285–0.29/W in China. The 210RN market remains largely unchanged from last week, with export transactions concentrated at RMB 0.32/W. Meanwhile, growing demand from Chinese ground-mounted projects has prompted cell manufacturers to raise 210N quotes, pushing the price range higher.
 

Cell prices outside China

P-type cell prices (USD): The average price for 182P has remained flat at USD 0.047/W this week, with the price range staying at USD 0.047–0.050/W. Consistent with last week’s dynamic, demand outside China for 182P cells remains steady in September, with tight supply supporting continued transactions for higher-priced customized orders and a stable supply-demand balance.

N-type cell prices (USD): The average export price of 183N cells from China has remained flat at USD 0.046/W this week, with the price range at USD 0.045–0.046/W. Restocking momentum outside China driven by Section 232 has weakened, with lower-end prices facing further downward pressure amid ongoing price negotiations.

Notably, the U.S. announced new Section 232 rules on September 22, 2026 (EST), introducing limited import quotas for importers registered on or after August 6, while those registered before that date face potential investigations into stockpiling. The policy may temporarily dampen U.S. demand for cells, and expectations of further price declines in non-Chinese cell markets remain strong.
 

Module

Module prices remain stable this week, with no significant changes.

In China, actual delivery prices for TOPCon modules are around RMB 0.65–0.73/W for ground-mounted projects and RMB 0.68–0.76/W for distributed projects.

For BC modules, rising raw material costs, including silver and glass, have prompted leading manufacturers to raise quotes since last week, with sporadic transactions beginning to materialize. In China, BC module prices for ground-mounted projects have increased this week, averaging RMB 0.773/W. The overall average price has reached RMB 0.792/W. Actual delivery prices for BC modules are currently around RMB 0.75–0.77/W for ground-mounted projects and RMB 0.78–0.81/W for distributed projects.

Outside China, the average TOPCon module price has remained at USD 0.114/W.

In the Middle East, regional conflict continues to disrupt shipments and cause logistics delays for most projects. Market transactions remain limited for now, and the latest prices have yet to become clear.

In Europe, prices remain stable this week. For euro-denominated spot prices, please refer to the Spot Price—Advanced Coverage.

In the U.S., the latest Section 232 announcement on August 6 is expected to bring a new shock to price trends. With the minimum import price (MIP) acting as a price floor, both imported and domestically manufactured module prices are expected to rise. For now, market participants remain in wait-and-see mode on U.S.-assembled module prices, which remain at around USD 0.30–0.33/W.

In India, prices for a small number of recent orders have also edged higher, mainly driven by advance stocking amid the impact of the U.S. Section 232 measures. Price increases have been more pronounced for projects not subject to the Domestic Content Requirement (DCR), while changes for DCR projects have remained relatively limited, as demand is primarily driven by the domestic market.